Bitcoin Moved Away from Monthly Highs. The Technical Pattern Is Ambiguous

Technical indicators:
  • Capitalization, B.: $68,23
  • Change, %, weekly: -8,04
  • Change, %, annually: -63,34
  • 52-week range: 3.122,3 - 11.688

Bitcoin rate became stable after a sharp collapse at the end of last week. Financial market participants expect additional drivers. Let’s consider the current news feed.

Nasdaq has started listing of two cryptocurrency indices Bitcoin Liquid Index (BLX) and Ethereum Liquid Index (ELX) provided by Brave New Coin.

Leading US crypto-exchange, Coinbase Pro, has added support for XRP. Cryptocurrency is available in the following pairs: XRP/USD, XRP/EUR and XRP/BTC. It is reported in the Coinbase Pro blog.

Swiss private bank Julius Baer plans to provide access to digital asset services in cooperation with SEBA Crypto AG.

Today, the BTC/USD quotes are testing the mark of $3.815 at Bitstamp.

Current Technical Picture of BTC/USD
  • Support levels: 3720.00, 3650.00, 3525.00
  • Resistance levels: 3870.00, 4000.00, 4160.00
BTC/USD

At the moment, the BTC/USD quotes are consolidating. The unidirectional trend is not observed. Local support and resistance levels are 3720.00 and 3870.00, respectively. Indicators do not send accurate signals:
- The price has fixed between 50 MA and 200 MA, which are strong dynamic support and resistance levels;
- The MACD histogram is located near the 0 mark.

We recommend opening positions from the key levels.

Trading recommendations

If the price fixes above the resistance level of 3870.00, the BTC/USD quotes are expected to grow. The movement is tending to 4000.00-4150.00.

Alternative option. If the price fixes below the mark of 3720.00, it is necessary to look for entry points to the market to open short positions. The movement target level is the demand zone of 3525.00-3450.00.

When tracking positions, one should use a trailing stop.

by JustForex, 27.02.2019

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

Open Account

Get Free Analytics

* required fields
Last Articles
All Articles
How to Become a Successful Forex Trader in Malaysia
With broad access to online brokerage services, everyone can become a trader these days. However, few people actually find success in FX. The reason might be that many of those who try trading skip some essential steps or simply do things wrong. Learn about the best ways to become a currency trader in Malaysia from this article.
Read more
How to Become a Forex Trader in Indonesia
Starting trading currencies in Indonesia is as easy as in the rest of the world. All you need to do is spend a few minutes of your time on opening a trading account and going through the verification process. However, this is hardly enough to start making money, let alone make a living out of forex trading. To learn about the best ways to trade currency in Indonesia, read this article.
Read more
Stop and Limit Orders in Forex
There are many gainful opportunities for traders in the forex market, but no one is immune to losses. That’s the reason why traders should employ an efficient trading strategy where both stop and limit orders go hand in hand with other essential aspects of the strategy.
Read more